SAN FRANCISCO, CA -- We’re all familiar with the monthly unemployment rate referred to as U-3.
Last month it rose to 9.2%. The Bureau of Labor Statistics also reports, with considerable less fanfare, U-6: workers under-employed – part time workers, working even one hour a week, but seeking full time work. The unemployment and under-employment rate last month reached 16% of American workers.
There’s a third less known rate: the long term discouraged workers rate. These are workers who have given up looking for work and have lost their unemployment benefits. Taken together, the unemployed, underemployed, and discouraged workers reached 23% last month.